- Contact your lender and get Pre-qualified: Tell him/her your budget, then he/she will tell you what price range you are in. Go over terms and interest rates
- Sit down with your Realtor and go over your criteria-what you're wants and needs are: area, price, property type, etc
- Preview homes with your Realtor
- When you find the "home of your dreams," tell your Realtor you're ready to "write it up" and decide what price you want to "offer," and terms of offer: closing date, etc.
- Get your check book out so that you can write an "Earnest Money Deposit." This will go into escrow once an offer is accepted and toward your purchase price at closing.
- Have your lender send your Realtor a Pre-qual letter.
- Realtor will present your offer to the listing agent and, or, Realtor and sellers. "Wait" for response from seller/s.
- Once all terms (or counter offers) are accepted, we go "into escrow."
- The clock starts ticking:
- You get inspections (unless you have a contingent offer that states you are selling your home. If so, we wait until your home/property goes into escrow.
Review all "Disclosures" seller supplies you.
- INSPECTIONS: Pest, Well, Septic, Home; Regardless who is paying for the reports, once they are done, a buyer can then ask seller to make any, and all, repairs. Seller does NOT have to fix any items (except Water Heater Bracing and Smoke Alarms). In CA, at least. However, at this time, a buyer can "cancel" escrow if they do not accept inspections or disclosures. All inspections and reports are a part of your contingencies.
- Lender will be preparing your loan, have appraisal done and submit loan documents. Near the close of escrow, the loan documents will be sent to escrow officer and you will go in and sign loan and escrow documents (I WILL be there with you). Once this is done, it is usually two days for closing to occur and, if there are no "last minute hiccups," we close escrow and YOU get the KEYS.
- Congratulations Homeowner/s!
Sunday, March 30, 2008
Buyers--The Process of Buying
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